Magyar Bancorp (NASDAQ:MGYR) Issues Quarterly Earnings Results

Magyar Bancorp (NASDAQ:MGYR) posted its earnings results on Wednesday. The bank reported $0.52 earnings per share (EPS) for the quarter, FiscalAI reports. Magyar Bancorp had a return on equity of 9.59% and a net margin of 18.89%. The company had revenue of $10.64 million during the quarter.

Magyar Bancorp Stock Performance

Shares of Magyar Bancorp stock traded down $0.09 on Wednesday, reaching $20.15. The company had a trading volume of 4,300 shares, compared to its average volume of 3,834. The firm’s 50 day moving average price is $19.41 and its two-hundred day moving average price is $18.16. The firm has a market cap of $130.07 million, a PE ratio of 10.78 and a beta of 0.29. Magyar Bancorp has a 52-week low of $16.03 and a 52-week high of $22.15.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Magyar Bancorp in a report on Thursday, October 15th. One investment analyst has rated the stock with a Hold rating. According to MarketBeat, the stock has an average rating of “Hold”.

Hedge Funds Weigh In On Magyar Bancorp

A number of hedge funds have recently made changes to their positions in the stock. M3F Inc. increased its holdings in Magyar Bancorp by 1.3% in the 1st quarter. M3F Inc. now owns 283,894 shares of the bank’s stock valued at $4,914,000 after purchasing an additional 3,544 shares during the last quarter. Corient Private Wealth LP acquired a new position in Magyar Bancorp during the second quarter worth $698,000. Finally, BlackRock Inc. purchased a new position in shares of Magyar Bancorp during the second quarter worth $359,000. Hedge funds and other institutional investors own 46.32% of the company’s stock.

Magyar Bancorp Company Profile

Magyar Bancorp, Inc is the holding company for Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Through its banking subsidiary, the company provides deposit, lending and other financial services to individuals, families and businesses.

Magyar Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, consumer loans, commercial real estate financing and business loans.